Phoenix Tower International (PTI), owned by funds managed by Blackstone (NYSE:BX), has acquired around 600 towers from T-Mobile US(NYSE:TMUS). It is the Pan-American towerco’s second significant purchase of the year after acquiring Brazilian site…
Phoenix Tower International (PTI), owned by funds managed by Blackstone (NYSE:BX), has acquired around 600 towers from T-Mobile US(NYSE:TMUS).
It is the Pan-American towerco’s second significant purchase of the year after acquiring Brazilian site owner T4U in June, and vastly increases its presence in the US.
PTI, advised by TD Securities, declined to disclose how much it had paid for the towers as did T-Mobile, which once again worked with TAP Advisors on an infrastructure disposal. The towerco is acquiring either the ownership rights or the management rights to the roughly 600 sites, and will have the exclusive right to manage and operate the sites from T-Mobile.
Dagan Kasavana, CEO of PTI, said the locations were well situated for additional lease-up opportunities as operators continue to expand and improve their networks.
“The PTI management team has significant experience operating and leasing tower sites in the United States and is thrilled to have a significant portfolio of high quality sites in the United States to offer to our customers,” Kasanava said.
Locke Lord provided legal advice to PTI and Lape Mansfield Nakasian & Gibson represented T-Mobile.
Founded in 2013, PTI is based in Boca Raton, Florida, and owned by funds controlled by Blackstone subsidiary Blackstone Tactical Opportunities. Following the T-Mobile and T4U transactions the majority of its portfolio is based in the US and Brazil.
In September 2014 PTI bought American Tower’s Panama operations and also owns sites in the Dominican Republic, Costa Rica and Colombia.
Alongside acquisitions, PTI is focusing on growing organically through its built-to-suit business. In May it sealed a US$32.1m seven-year credit facility for its local subsidiaries in Costa Rica and Panama. It agreed the loan with a consortium led by Banco General, which also included Towerbank and Metrobank.
The financing is being used to develop new towers, and to acquire infrastructure in Costa Rica and Panama.
